Expansion will double capacity of capital's airport to 24 million passengers with funding coming from government finances or Islamic bonds issued by aviation authority

Saudi Arabia's government is planning a three-fold expansion of Riyadh airport within the next five years, according to a senior civil aviation official quoted by Reuters.

The government has already developed a master plan for the four terminals that will raise the capacity at Riyadh airport from 12 million to 24 million passengers over the next five years, according to the director general for planning at the General Authority for Civil Aviation.

While no estimates for project costs have been disclosed, the project is expected to be either government financed or covered by a sukuk (Islamic bond) issue by the aviation authority.

The government is also planning a 27 billion riyals airport in Jeddah, and aims to launch a sukuk within one or two months to finance the project, the head of the civil aviation body said last Sunday.